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Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 18/02/2013
First Published: 15/04/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

When looking for a suitable regular savings account, it is worth checking the minimum and maximum deposit limits to ensure payments can be met. When a regular savings account is opened, a fixed deposit amount is agreed with the provider and this payment becomes the regular contribution, often paid on a monthly basis. Here are the current top three regular savings accounts which require a minimum deposit of £10 or less.

Stroud & Swindon Building Society – Regular Saver Plus Issue 2

This account pays 4.50pc on its anniversary. Savers can invest between £10 and £250 each month over the course of a year. Contributions can be amended. If payments are missed or more than one withdrawal is made in a year a 2.50pc loss of interest penalty will apply. No notice is needed to access funds and all withdrawals must be made by BACS. The account can be operated by savers aged 18 and over in branch, by post or telephone.

Norwich & Peterborough Building Society – Regular Saver

The Regular Saver account pays 4.00pc including a 3.00pc bonus for twelve months. The gross rate is guaranteed to be fixed at 4.00pc for twelve months. Investments range between £1 and £250 and must be made each month. Contributions can be amended. A 1.5pc loss of interest will apply for any missed payments and exceeding more than one withdrawal a year. This penalty will also apply if the account is closed. Funds can be accessed instantly. The account can be operated by savers of all ages in branch, by post, telephone or online.

Beverley Building Society – Monthly Saver

This account pays an annual rate of 3.10pc. Investments range between £10 and £1,000 and contributions can be amended once a year. Savers who miss payments will incur a 3.00pc rate reduction, while exceeding more than one withdrawal a year will result in a 30 day loss of interest for each withdrawal made afterwards. The account can be operated in branch and by post by savers aged 16 and over.

Find the best savings accounts for you - Compare regular savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.